Sports Betting has a fair amount of slang and jargon, which are frequently used by bettors and bookies alike. Interpreting these important terms and understanding what they truly imply is imperative, especially when you’re new to betting. In fact, it really helps to have this sports betting glossary compiled by Gaming News Today handy for your reference.
Introduction to Sports Betting
As the most common form of gambling, the earlier accounts of sports betting dates back to over 2000 years. While the Greeks introduced the Olympics, which paved the way for sports betting in athletics, the Romans took bets to a whole new level with gladiator games.
Sports betting today involve placing wagers known as bets on the outcome of a sports game, which is based on predictions. People bet on sporting events by investing a betting amount in a bid to win extra money. Typically, there are two outcomes for any bets placed; that is, you either lose your stake or win the bet with additional profit, which is determined by the bookmark odds.
Glossary of Important Sports Betting Terminology
Accumulator: Refers to a bet involving multiple selections, which must all be correct for winning the bet. The term accumulator is similar to a parlay that involves a series of bets in one wager.
Arbitrage: It is a strategy that involves placing bets on all possible outcomes for a guaranteed profit irrespective of the outcome.
Bankroll: Refers to the funds you have allocated for placing bets or wagers.
Bookmaker: Also known as sportsbooks, it refers to a person or a company licensed to take wagers or bets in a professional capacity.
Bookie: Typically, it is short for Bookmaker, and refers to individuals who illegally accept wagers.
Fixed Odds: Refers to the odds agreed upon when a wager is placed. Fixed odds cannot be changed once the wager is placed. It is more common in Horse Racing.
Hedging: It is a scenario where bettors place wagers against previously made bets in a bid to guarantee profits.
Hook: It is an extra half-point, which the bettors can get in spreads and totals betting.
Juice: Refers to the tax on the wagers placed, which is created by bookmakers. It typically depicts the profits made by the sportsbooks.
Odds: It refers to the payout potential of a particular wager.
Payout: The amount betters receive from the sportsbooks upon winning the bet.
Parlay: It is similar to the term accumulator and involves wagering on multiple selections, while the bettor must win them all to receive the payouts.
Return on Investment (ROI): It typically refers to performance potential or the efficiency of the investment made. In sports betting, it is the additional money the bettor wins.
Sportsbook: Another term for Bookmaker or Bookie.
Vigorish: Similar to juice, it refers to the profit made by the bookmakers by charging an additional fee for placing bets.
Wager: A more formal term used in lieu of the term ‘bet.’
While there are numerous terms that you come across in sports betting, the ones listed in this post are the most important terms that every bettor must know.